Special Measure under Companies Act, 2013 and Limited Liability partnership Act, 2008 in view of pandemic
The Ministry of Corporate Affairs vide its Circular No. 36 dated 20th October, 2020 have provided relaxation that non- compliance of the minimum residency in India for a period of at least 182 days, by at least one director in every company in terms of section- 149 of the Companies Act, 2013...
Extension of timeline for Schemes under Companies Act, 2013 till December 31, 2020
The Duration of Company fresh start scheme, 2020 has been extended from September 30, 2020 till December 31, 2020 The LLP settlement Scheme, 2020 has been extended till December 31, 2020 with all other requirement provided in the circular remaining unchanged The Scheme for relaxat...
Extension of the time for holding of AGM for the financial year ending March 31, 2020
In termsof Power vested with the Registrar of the Companies of different jurisdictions, under third proviso to sub section (1) of section 96, an extension of 3 months has been granted for holding the Annual General Meeting, other than First AGM for the Financial Year ended on March 31, 2020 witho...
MCA Clarification on extension of Annual General Meeting for the Financial year ended on 31st March, 2020
The Ministry of Corporate Affairs vide Circular No- 28/2020 dated- 17th August, 2020 have given clarification regarding holding of Annual General Meeting for the Financial Year ended on 31st March, 2020 that the Companies which are unable to hold their AGM through video conferencing (VC) and othe...
The Faceless Assessment Scheme unveiled by Prime Minister
Key features of the Faceless Assessment Scheme unveiled by Prime Minister: Selection of a tax payer only through system using data analytics and AI Abolition of territorial jurisdiction Automated random allocation of cases Central issuance of notices with Document I...
Extension in due dates under Direct Tax
CBDT has issued a Notification No. 35/2020/ F. No. 370142/23/2020-TPL further extending the time limits of compliances under Income Tax Act: Due date for filing Income Tax Return for F.Y 2018-19 has been extended to 31.07.2020. Due date for filing Income Tax Return for F.Y 2019-20 h...
Holding of Annual General Meeting (AGM) through Video Conferencing (VC) or other Audio-Visual Means (OAVM)
In view of the prevailing conditions in the country due to outbreak of COVID-19, MCA vide its Circular dated May 5, 2020 has allowed companies to conduct their AGM through VC or OAVM during the calendar year 2020, subject to fulfillment of the following requirements: BAS...
Companies (Appointment and Qualification of Directors) Second Amendment Rules, 2020
MCA vide its notification dated April 29, 2020 has notified the Companies (Appointment and Qualification of Directors) Second Amendment Rules, 2020 allowing every individual, who has been appointed as an Independent Director in a company as on December 1, 2019, a period of seven months to apply o...
Holding of Annual General Meeting by companies whose financial year has ended on December 31, 2020
In the current scenario, various companies are facing difficulties in complying with certain provisions of the Companies Act, 2013 and Listing regulations.   However, Ministry of Corporate Affairs (‘MCA’) and Securities Board and Exchange of India (‘SEBI’) hav...
Extension for names reserved and resubmission of forms
  Due to outbreak of COVID-19 throughout the country, social distancing has become necessary in all sectors and spheres making the functioning of business and government authorities difficult. Keeping in mind the current scenario Ministry of Corporate Affairs on April 22, 2020 has publis...
Companies Fresh Start Scheme, 2020
MCA vide its Notificationdated March 30, 2020 has notified Companies Fresh Start Scheme, 2020 to facilitate the companies registered in India to make a fresh start on a clean slate which shall remain in force from April 1, 2020 to September 30, 2020.   Key features of Companies Fresh...
Special relaxations for Corporates and LLPs in view of COVID outbreak
Special relaxations for Corporates and LLPs in view of COVID outbreak   In the last few days, we have observed that due to outbreak of COVID-19, Ministry of Corporate Affairs has been issuing various Notifications relaxing the regulatory compliance requirements as applicable on a com...
Amount spent on activities related to COVID-19 shall be treated as CSR Activity
Amount spent on activities related to COVID-19 shall be treated as CSR Activity   Amid so many relaxation(s) being provided to the Corporates, due to outbreak of novel Corona Virus in India, Ministry of Corporate Affairs vide its notification dated March 23, 2020 has clarified that t...
Company Affirmation of Readiness towards COVID-19
Company Affirmation of Readiness towards COVID-19   Ministry of Corporate Affairs on March 23, 2020 deployed Form COVID-19 with the following key features: Simple web based form available as a post login service No payment of fee No DSC Any one of the Author...
Covid 19 - Impact on Corporate Functioning
Relaxation in requirements related to Corporate functioning due to CoVID-19 virus pandemic Exemption from conducting Board Meeting through physical presence of Directors In order to overcome the outbreak of the coronavirus (Covid-19), the Government, as a pre-cautionary step, has in...
Companies Incorporation Process simplified further
The Central Government in its initiative towards Ease of Doing Business has further simplified the procedure for incorporation of a company vide the Companies (Incorporation) Amendment Rules, 2020 which shall come into force with effect from February 23, 2020. As a part revised regime, the re...
Amendment in the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014
MCA vide its Notification dated January 3, 2020 has notified the Companies (Appointment and Remuneration of Managerial Personnel) Amendment Rules, 2020 (‘Amendment Rules’). Following are the highlights of the Amendment Rules: Threshold for appointment of whole-time CS re-defin...
Restriction on Claim of ITC by Taxpayers
Restriction On Claim Of ITC By Taxpayers Central Government inserted new rule 36(4) in CGST rules, 2017, through notification no. 49/2019-Central tax, to restrict the claim of ITC by taxpayers which is not reflecting in GSTR-2A, in cases where the relevant invoices are not uploaded by the ven...
Outcomes of 33rd GST Council meeting. (Effective date 1 Apr 2019)
GST council has made following recommendations during 33rd GST council meeting held on 24th February, 2019: From 1st April 2019, the GST rate on residential house properties shall be levied at following rates: For Residential house property in affordable segment: 5% and...
Court Appointed Official Assignee has to obtain a separate PAN in the status of Artificial Juridical Person for each of the Estate of Insolvent
CBDT issued Circular No. 04/2019, on 28th January 2019 providing Clarification regarding Liability and Status of Court appointed Official Assignee, where an Order of Insolvency is passed against a Debtor and the property of the debtor gets vested with the Court appointed Official Assignee. Now th...
MCA attempts to make companies more compliant: Strict penalties for non-compliance
Companies (Amendment) Ordinance, 2018 was promulgated by the President on November 2, 2018. The Ordinance was approved by the Houses of People on January 4, 2019 but could not be taken up for consideration in the Council of States. Since the Companies (Amendment) Ordinance, 2018 will cease to hav...
Central Government amendment to the Companies (Incorporation) Rules, 2014 w.e.f. December 18,
Background With the intent of ease of doing business in India and considering the pendency of cases with National Company Law Tribunal (NCLT/ Tribunal), the Central Government on December 18, 2018 had amended the Companies (incorporation) Rules, 2014 vide Companies (Incorporation) Fourth Amen...
Direct Tax Update
   1.Circular No. 8/2018 : Explanatory Notes to the provisions of Finance Act, 2018  2. Circular No. 9/2018 : Extending the due date for furnishing of Report under Section 286(4) of Income Tax Act, 1961 for more Details please refer the below mentioned link:h...
MCA updates
Relaxation of additional fees and extension of last date for filing of CRA-4 (Cost Audit Report in XBRL format) https://tinyurl.com/y8puyklo   Amendment to Companies (Cost Records and Audit) Rules, 2014 https://tinyurl.com/y9s6h97l ...
Goods and Service Tax Updates
The Central Government vide Order No. 1/2018-Central Tax dated 11th December, 2018 has extended the due date of filing annual return (Form GSTR-9 )for the period (1st July, 2017 to the 31st March, 2018) to 31st March, 2019 as the technical utility for filing at online portal of the ...
Direct Taxes updates
Direct Taxes updates  Notification No. 06/2018 : Clarification by ITD to Banks to not to deduct TDS u/s 194A of Income Tax Act, 1961 in case of senior citizens where the amount of such income does not exceed Rupees Fifty Thousand. (Please refer to third Proviso to Sub section 3 of Se...
Indian Valuation Standards as issued by the Institute of Chartered Accountants of India effective for the valuation reports issued on or after 1st July, 2018.
The council of the Institute of Chartered Accountant of India (ICAI) has issued the Indian Valuation Standards. These Indian Valuation Standards will be applicable for all valuation engagements on mandatory basis under the Companies Act 2013. In respect of Valuation engagements under other Statut...
GST rates reduced to 1% for Manufacturers under composition scheme
CBEC vide Notification No. 1/2018-Central Tax and Notification No. 1/2018-Union Territory Tax dated 1st January, 2018,  has amended the tax rate for taxpayer opted composition scheme. Now, the Manufacturer shall be liable to pay total GST at the rate of 1% instead of 2% and for traders t...
Advisory to taxpayers liable to file GSTR 1
The taxpayers whose aggregate turnover during preceding financial year exceeded Rs. 1.5 Cr or the new registrants who estimate their turnover to exceed Rs. 1.5 Cr during current financial year, have to file return on monthly basis. Filing of GSTR-1 for the tax period of August, 2017 and onwards i...
MCA has extended the last date for filing of Form CRA-4
MCA has extended the last date for filing of Form CRA4, for the financial years starting on or after 1st April, 2016, without additional fees till 31st December, 2017. To read more click here ...
56% assessees file GST returns for October
As many as 1.48 million taxpayers filed their returns on Monday. Though 44% of assessees are yet to file summary returns for October, the rate of compliance has gone up, compared to earlier months. To read more click here...
No benefit passed on to customers by restaurants after GST rate reduced:survey
The Goods and Services Tax (GST) Council in its 23rd meeting held on November 10 had announced that meals at restaurants, both air-conditioned and non-air-conditioned will now attract only five per cent GST, which is much lower than 18 percent that had earlier applied to air-conditioned...
Deadline for Return Filing of Audit Reports Extended
The government extended the last date for e-filing of income tax returns for those taxpayers who file audit reports till November 7. A senior official said the Central Board of Direct Taxes (CBDT) took the decision to extend the deadline by a week, considering the "representations made by va...
Deal Breakers between IDFC and Shriram Capital
IDFC Bank and Shriram Capital had announced to combine their businesses in the first week of July this year. But both the financial groups are set to call off merger talks as both sides have failed to arrive at an acceptable valuation after four months of negotiations, regulatory misgivings and d...
GST Update
To facilitate taxpayers, the late fee on filing of #GSTR-3B for the month of  August & September has been waived off. Late fee paid will be credited back to taxpayer's ledger....
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